Coinbase Global Inc COIN shares are trading lower Wednesday morning after the company announced weak financial results.
Coinbase reported first-quarter revenue of $1.17 billion, which came in below the $1.48 billion estimate, according to data from Benzinga Pro. The company reported an earnings loss of $1.98 per share, which was down from positive earnings of $3.05 per share year-over-year.
Coinbase said adjusted EBITDA totaled $20 million in the first quarter, which was down from $1.117 billion in the prior year quarter.
Monthly transacting users totaled 9.2 million in the first quarter, up from 6.1 million year-over-year. Coinbase said it expects monthly transacting users to be lower in the second quarter. Total trading volume is also expected to be lower in the second quarter than it was in the first quarter.
The company maintained its guidance for annual average monthly transacting users of 5 million to 15 million for full-year 2022. Coinbase said it believes current market conditions are not permanent, and the company remains focused on the long-term.
- Needham analyst John Todaro maintained Coinbase with a Buy rating and lowered the price target from $360 to $173.
COIN Price Action: Coinbase is making new 52-week lows on Wednesday.
Photo: courtesy of Coinbase.